The growth in GDP of 7.2% is significantly lower than the 9.1% seen in the prior fiscal year. The growth rate for the quarter that encompassed January through March was 6.1%, which is greater than the growth rate of 4.5% for the previous quarter. After decreasing for two consecutive quarters in a row, the quarterly growth rate of GDP has now increased.
The growth of India’s gross domestic product by 7.2% in 2017 was a resounding vote of confidence in the policies pursued by the government of Narendra Modi. This indicates that India had one of the quickest growth rates among major economies all around the world.
The growth in GDP of 7.2% is significantly lower than the 9.1% seen in the prior fiscal year. The growth rate for the quarter that encompassed January through March was 6.1%, which is greater than the growth rate of 4.5% for the previous quarter. After decreasing for two consecutive quarters in a row, the quarterly growth rate of GDP has now increased.
In comparison to the First Revised Estimates of GDP for the year 2021-22, which were set at 150 lakh crore, it is anticipated that the level of real GDP in the year 2022-23 will reach a level of 160 lakh crore. “The growth in real GDP is estimated to be at 7.2% during the 2022-23 fiscal year, which is down from 9% during the 2021-22 fiscal year,” the statistics ministry said in a note.
According to the data that was collected, during the final three months of 2018, the Agricultural sector recorded a growth rate of 10.3%, the Mining sector recorded a growth rate of 16.3%, and the Construction industry recorded a growth rate of 10.4%.
The data released by the government provides support for Morgan Stanley’s optimistic position on India, which it held earlier today.
According to the data that was made public by the National Statistical Office (NSO), the expansion of the economy in 2022-2023 was 7.2%, which was lower than the growth rate of 9.1% that was recorded in 2021-2022.
In its second advance estimate of national accounts, the NSO projected that the country’s GDP would increase by 7% for the fiscal year 2022-2023. The first three months of 2023 saw China’s economy develop at a rate of 4.5 percent, according to official statistics.
The analysis that Morgan Stanley performed on India
Morgan Stanley believes that India, under the leadership of Prime Minister Narendra Modi, is establishing a position in the world order and is becoming a vital driver for growth across Asia and the world as a whole.
According to a report published by Morgan Stanley, the large amount of cynicism regarding India, particularly among investors based in other countries, ignores the significant developments that have taken place in India, particularly since 2014.
Rejecting criticism that India has not achieved its potential (despite it being the second-fastest growing economy and among the top-performing stock markets over the past 25 years), as well as criticism that equities values are too high, adding that such a stance ignores the systematic reforms that have taken place in the previous nine years.
This India is not the same as it was in 2013, when I first visited. In under a decade’s time, India has risen to more prominent places in the global order, which has had “significantly positive consequences for the macro and market outlook,” according to the report. In fewer than ten years, India has seen dramatic change.
The brokerage company provided a list of the 10 most significant shifts that have occurred in the country since Prime Minister Narendra Modi took office in 2014. Among the most significant supply-side policy measures are the lowering of corporate taxes to levels comparable to those of other countries and the acceleration of investment in infrastructure.
In addition, the increasing collection of GST, which is the unified tax that replaced over a dozen different central and state taxes, as well as the rising share of digital transactions as a percentage of GDP are both indications that the economy is becoming more formalised.
According to the report, other noteworthy developments included the transfer of subsidies to the accounts of beneficiaries, the introduction of an insolvency and bankruptcy code, flexible inflation targeting, a focus on foreign direct investment (FDI), government support for corporate profits, a new law for the real estate industry, and MNC sentiment at a multi-year high.